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Corporate

Environmental

Environmental

Our environmental lawyers have extensive experience advising and supporting clients on complicated environmental issues across a broad range of contexts, including mergers and acquisitions, debt and equity offerings, bank loans and other business transactions. We also advise corporate clients and their boards of directors on evolving, and often novel, challenges and opportunities associated with environmental, social and governance (ESG) issues, sustainability concerns and climate change. In addition, we represent clients in complex environmental litigation and investigations, including those relating to remediation matters, climate change and indemnification disputes.

Environmental matters facing businesses are increasingly complex and sophisticated, both legally and scientifically. They often involve difficult technical and regulatory issues that can have significant effects on both day‑to‑day operations and strategic business decisions. As public awareness and investor expectations continue to increase with respect to the management and reporting of such matters, companies must address risks that can impact their financial and reputational core.

We are frequently engaged to assist clients in identifying, assessing and allocating environmental liabilities in corporate transactions, including addressing legal challenges relating to environmental regulatory issues, remediation and other liability matters and SEC environmental disclosure requirements. This also includes the management of significant post‑closing environmental indemnification obligations and legacy liabilities, such as mass toxic tort matters, and resolving environmental‑related contractual disputes. We also regularly advise clients on sustainability reporting and ESG‑related shareholder engagement and proxy matters. Our experience in virtually every industry enables us to understand the long‑term operational and strategic needs of our clients as well as industry‑wide trends and practices, and we use that knowledge to help develop practical solutions to environmental problems and to use environmental opportunities to their best advantage.

Cravath has been ranked as a top‑tier firm for our environmental transactional expertise by Chambers USA since its inception in 2003, and the publication quotes clients as saying:

    • Cravath’s environmental practice is “superb” for its “breadth and depth of resources, expertise and flexibility.”
    • “There is a total focus on the client and the service is extraordinary.”
    • “They are timely and proactive, acting essentially as an in‑house resource at times, but with a very good understanding of market standards and the ever‑changing regulatory landscape.”
    • Cravath’s environmental lawyers are “very responsive and pragmatic.”
    • “They solve problems, are always available and provide a prompt service.”
    • “Outstanding service provided in complex deals.”
    • “The firm is very service-oriented, does a good job with staffing, is responsive and communicates well.”

With respect to environmental‑related litigation, which often can involve high‑stakes disputes across multiple forums and involve novel and varied legal theories, Cravath’s litigators are ideally positioned to secure results that can reshape legal and business landscapes for our clients. In defending against these actions, we draw on our technical knowledge to comprehensively address the substantive claims, while our generalist litigation training equips us with the skills to simultaneously manage, coordinate and direct a successful defense, often of numerous concurrent actions.

 

Environmental matters facing businesses are increasingly complex and sophisticated, both legally and scientifically. They often involve difficult technical and regulatory issues that can have significant effects on both day‑to‑day operations and strategic business decisions. As public awareness and investor expectations continue to increase with respect to the management and reporting of such matters, companies must address risks that can impact their financial and reputational core.

We are frequently engaged to assist clients in identifying, assessing and allocating environmental liabilities in corporate transactions, including addressing legal challenges relating to environmental regulatory issues, remediation and other liability matters and SEC environmental disclosure requirements. This also includes the management of significant post‑closing environmental indemnification obligations and legacy liabilities, such as mass toxic tort matters, and resolving environmental‑related contractual disputes. We also regularly advise clients on sustainability reporting and ESG‑related shareholder engagement and proxy matters. Our experience in virtually every industry enables us to understand the long‑term operational and strategic needs of our clients as well as industry‑wide trends and practices, and we use that knowledge to help develop practical solutions to environmental problems and to use environmental opportunities to their best advantage.

Cravath has been ranked as a top‑tier firm for our environmental transactional expertise by Chambers USA since its inception in 2003, and the publication quotes clients as saying:

    • Cravath’s environmental practice is “superb” for its “breadth and depth of resources, expertise and flexibility.”
    • “There is a total focus on the client and the service is extraordinary.”
    • “They are timely and proactive, acting essentially as an in‑house resource at times, but with a very good understanding of market standards and the ever‑changing regulatory landscape.”
    • Cravath’s environmental lawyers are “very responsive and pragmatic.”
    • “They solve problems, are always available and provide a prompt service.”
    • “Outstanding service provided in complex deals.”
    • “The firm is very service-oriented, does a good job with staffing, is responsive and communicates well.”

With respect to environmental‑related litigation, which often can involve high‑stakes disputes across multiple forums and involve novel and varied legal theories, Cravath’s litigators are ideally positioned to secure results that can reshape legal and business landscapes for our clients. In defending against these actions, we draw on our technical knowledge to comprehensively address the substantive claims, while our generalist litigation training equips us with the skills to simultaneously manage, coordinate and direct a successful defense, often of numerous concurrent actions.

 

  • Deals & Cases
  • Recent News & Insights

Deals & Cases

June 05, 2025

Cencora, Inc.’s €1 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the €1 billion registered senior notes offering of Cencora, Inc., a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. The transaction closed on May 22, 2025.

Deals & Cases

June 04, 2025

Flowserve’s $19 Billion Merger of Equals with Chart

On June 4, 2025, Flowserve Corporation (“Flowserve”) and Chart Industries, Inc. (“Chart”) announced that they have entered into a definitive agreement to combine in an all-stock merger of equals, creating a differentiated leader in industrial process technologies. The combined company is expected to have an enterprise value of approximately $19 billion based on the exchange ratio and the closing share prices for Flowserve and Chart as of June 3, 2025. Under the agreement, which has been unanimously approved by the board of directors of each company, at the closing of the transaction Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. Following the close of the transaction, Flowserve shareholders will own approximately 46.5% and Chart shareholders will own approximately 53.5% of the combined company, on a fully diluted basis. Cravath is representing Flowserve in connection with the transaction.

Deals & Cases

May 26, 2025

WiseTech Global’s $2.1 Billion Acquisition of e2open

On May 25, 2025, WiseTech Global, developer of leading logistics execution software CargoWise, announced it has entered into a binding agreement to acquire E2open Parent Holdings, Inc. (“e2open”), a U.S.‑based leading provider of SaaS solutions in the global logistics value chain, for $3.30 per share in cash equating to an enterprise value of $2.1 billion. Cravath is representing WiseTech Global in connection with the transaction.

Deals & Cases

May 19, 2025

Celulosa Arauco y Constitución S.A.’s Sustainable Notes Offering

Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S sustainable notes offering of Celulosa Arauco y Constitución S.A., one of Latin America's largest forest plantation owners and one of the world's largest producers of pulp and wood products. The transaction closed on May 5, 2025. 

Deals & Cases

May 07, 2025

Costamare’s Spin‑Off of Costamare Bulkers

On May 7, 2025, Costamare Inc. (“Costamare”) announced that it has completed the spin‑off of its dry bulk business into a standalone public company, Costamare Bulkers Holdings Limited (“Costamare Bulkers”). Each holder of Costamare common shares received one common share of Costamare Bulkers for every five Costamare common shares held as of the close of business on April 29, 2025. Cravath represented Costamare in connection with the transaction.

Activities

June 06, 2025

Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas

The 2025 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eight areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Fifty‑four Cravath lawyers were ranked across 23 practice categories.

Activities

April 14, 2025

Michael Arnold and Bill Podurgiel Speak at TGCF’s “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals” Program

On April 11, 2025, Cravath partner Michael L. Arnold and of counsel William D. Podurgiel participated in “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals,” a virtual program co‑hosted by Cravath and the Texas General Counsel Forum. The program reviewed key proxy season updates, including the impact of updated SEC guidance on ESG and shareholder engagement, responses to shareholder proposals under Staff Legal Bulletin 14M, updates to Schedule 13D and 13G reporting and new considerations in ESG disclosures.

Activities

March 20, 2025

Michael Arnold Joins Slaughter and May’s March 2025 Podcast to Discuss Evolving ESG Landscape

Cravath partner Michael L. Arnold was featured as a guest on the March 20, 2025 episode of Slaughter and May’s podcast, covering policy developments in the U.S. and E.U. In the interview, Michael discussed the evolving ESG landscape in the U.S., including international agreements, SEC climate rules and state‑level reporting developments.

Publications

March 07, 2025

Three Key SEC Developments Affecting ESG: Acting Chairman Uyeda’s Climate Rule Statement, SLB 14M and Schedule 13D/G CDIs

On March 6, 2025, Cravath prepared a memo for its clients entitled “Three Key SEC Developments Affecting ESG: Acting Chairman Uyeda’s Climate Rule Statement, SLB 14M and Schedule 13D/G CDIs.” The memo examines these recent actions under the U.S. Securities and Exchange Commission’s new leadership and their potential impact in the environmental, social and governance (ESG) space.

Publications

November 15, 2024

Transatlantic Law Journal Publishes Article by Cravath Partners on SEC’s Climate Disclosure Rules and Considerations for Non-U.S. Public Companies

In September 2024, the Transatlantic Law Journal, which is published by the German-American Lawyers’ Association (DAJV), published an article written by Cravath partners John W. White, Matthew Morreale, Elad Roisman, Michael L. Arnold and Kimberley S. Drexler entitled “The SEC’s Landmark Climate Disclosure Rules: Considerations for Non-U.S. Public Companies.” The article examines the U.S. Securities and Exchange Commission’s adopted final rules requiring climate related disclosures for public companies, outlining key takeaways of the final rules and applicability to foreign private issuers and certain other issuers. The article was based on a memo prepared by Cravath for clients in March 2024.

Deals & Cases

June 05, 2025

Cencora, Inc.’s €1 Billion Registered Senior Notes Offering

Cravath represented the underwriters in connection with the €1 billion registered senior notes offering of Cencora, Inc., a leading global pharmaceutical solutions organization centered on improving the lives of people and animals around the world. The transaction closed on May 22, 2025.

Deals & Cases

June 04, 2025

Flowserve’s $19 Billion Merger of Equals with Chart

On June 4, 2025, Flowserve Corporation (“Flowserve”) and Chart Industries, Inc. (“Chart”) announced that they have entered into a definitive agreement to combine in an all-stock merger of equals, creating a differentiated leader in industrial process technologies. The combined company is expected to have an enterprise value of approximately $19 billion based on the exchange ratio and the closing share prices for Flowserve and Chart as of June 3, 2025. Under the agreement, which has been unanimously approved by the board of directors of each company, at the closing of the transaction Chart shareholders will receive 3.165 shares of Flowserve common stock for each share of Chart common stock owned. Following the close of the transaction, Flowserve shareholders will own approximately 46.5% and Chart shareholders will own approximately 53.5% of the combined company, on a fully diluted basis. Cravath is representing Flowserve in connection with the transaction.

Deals & Cases

May 26, 2025

WiseTech Global’s $2.1 Billion Acquisition of e2open

On May 25, 2025, WiseTech Global, developer of leading logistics execution software CargoWise, announced it has entered into a binding agreement to acquire E2open Parent Holdings, Inc. (“e2open”), a U.S.‑based leading provider of SaaS solutions in the global logistics value chain, for $3.30 per share in cash equating to an enterprise value of $2.1 billion. Cravath is representing WiseTech Global in connection with the transaction.

Deals & Cases

May 19, 2025

Celulosa Arauco y Constitución S.A.’s Sustainable Notes Offering

Cravath represented the initial purchasers in connection with the $500 million 144A/Reg. S sustainable notes offering of Celulosa Arauco y Constitución S.A., one of Latin America's largest forest plantation owners and one of the world's largest producers of pulp and wood products. The transaction closed on May 5, 2025. 

Deals & Cases

May 07, 2025

Costamare’s Spin‑Off of Costamare Bulkers

On May 7, 2025, Costamare Inc. (“Costamare”) announced that it has completed the spin‑off of its dry bulk business into a standalone public company, Costamare Bulkers Holdings Limited (“Costamare Bulkers”). Each holder of Costamare common shares received one common share of Costamare Bulkers for every five Costamare common shares held as of the close of business on April 29, 2025. Cravath represented Costamare in connection with the transaction.

Activities

June 06, 2025

Chambers USA Ranks Cravath in Top Tier for 2025 Across Corporate, Litigation and Tax Practice Areas

The 2025 edition of Chambers USA ranked Cravath in the top tier nationally in seven areas: Antitrust; Capital Markets (Investment Grade Debt – Issuer Counsel); Capital Markets (Investment Grade Debt – Manager Counsel); Corporate/M&A (The Elite); Securities (Litigation); Securities (Regulation – Advisory); and Tax (Corporate & Finance). In New York, the Firm was ranked in the top tier in eight areas: Antitrust; Bankruptcy/Restructuring (Highly Regarded); Corporate/M&A (The Elite); Environment (Mainly Transactional); Litigation (General Commercial: The Elite); Litigation (Securities); Media & Entertainment (Corporate); and Tax. Fifty‑four Cravath lawyers were ranked across 23 practice categories.

Activities

April 14, 2025

Michael Arnold and Bill Podurgiel Speak at TGCF’s “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals” Program

On April 11, 2025, Cravath partner Michael L. Arnold and of counsel William D. Podurgiel participated in “Proxy Season Hot Topics - Evolving ESG and Shareholder Proposals,” a virtual program co‑hosted by Cravath and the Texas General Counsel Forum. The program reviewed key proxy season updates, including the impact of updated SEC guidance on ESG and shareholder engagement, responses to shareholder proposals under Staff Legal Bulletin 14M, updates to Schedule 13D and 13G reporting and new considerations in ESG disclosures.

Activities

March 20, 2025

Michael Arnold Joins Slaughter and May’s March 2025 Podcast to Discuss Evolving ESG Landscape

Cravath partner Michael L. Arnold was featured as a guest on the March 20, 2025 episode of Slaughter and May’s podcast, covering policy developments in the U.S. and E.U. In the interview, Michael discussed the evolving ESG landscape in the U.S., including international agreements, SEC climate rules and state‑level reporting developments.

Publications

March 07, 2025

Three Key SEC Developments Affecting ESG: Acting Chairman Uyeda’s Climate Rule Statement, SLB 14M and Schedule 13D/G CDIs

On March 6, 2025, Cravath prepared a memo for its clients entitled “Three Key SEC Developments Affecting ESG: Acting Chairman Uyeda’s Climate Rule Statement, SLB 14M and Schedule 13D/G CDIs.” The memo examines these recent actions under the U.S. Securities and Exchange Commission’s new leadership and their potential impact in the environmental, social and governance (ESG) space.

Publications

November 15, 2024

Transatlantic Law Journal Publishes Article by Cravath Partners on SEC’s Climate Disclosure Rules and Considerations for Non-U.S. Public Companies

In September 2024, the Transatlantic Law Journal, which is published by the German-American Lawyers’ Association (DAJV), published an article written by Cravath partners John W. White, Matthew Morreale, Elad Roisman, Michael L. Arnold and Kimberley S. Drexler entitled “The SEC’s Landmark Climate Disclosure Rules: Considerations for Non-U.S. Public Companies.” The article examines the U.S. Securities and Exchange Commission’s adopted final rules requiring climate related disclosures for public companies, outlining key takeaways of the final rules and applicability to foreign private issuers and certain other issuers. The article was based on a memo prepared by Cravath for clients in March 2024.

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